MNI BOE Instant Answers Sept 2023 -- Bank On Hold

BOE Instant answers Sept '23 meet

1.    Was the Bank Rate raised, and if so by how much? 5.25%

2.    Number of members voting for unchanged rate? 5

3.    Number of members voting for a 25bp hike? 4    (Cunliffe, Greene, Haskel, Mann)

4.    Number of members voting for a 50bp hike? 0 

5.    Number of members voting for any other outcome? 0 

6.    Did the Monetary Policy Statement announce a target for APF reduction in the 12 months from Oct 2023?    Yes  -   GBP 100bln

7.    Did the MPC again say “if there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required”? Yes

8.    Did the MPC say "Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent"? No

9.    Did the MPC say Bank Rate is now likely close to / at its peak? No

10.    Did the MPC (or the majority of MPC) say Bank Rate is likely to remain at eventual peak for an extended period of time (or similar)? No

11.    Did the MPC leave its guidance paragraph materially unchanged versus the August policy statement? Yes

"Monetary Policy will need to be sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term, in line with the Committee's remit. Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures"